I had 2 CitiAssist Loans for a total of almost 30k. I stopped payment as there was no further deferrement available and I was unemployed in May of 2009. Citi attempted to collect until about Dec. At that point a collection agency took over and tried to collect during the months of Jan-Feb. I have not heard from any collection agencies sent. It is reporting on my credit report as charged off, requested govt insured portion. I am guessing the "govt insured portion" is a boilerplate statement, as it was a 100% Private loan without any govt insured portion. I have not disputed this with the credit reporting agencies yet. I am wondering if I should, or if I should wait longer so as to not "stir the beast." The loan was originated in 2003-4.
I also have one from My Rich Uncle of 2008 vintage. I haven't paid this one either. The company went bankrupt, but they are working through University Accounting Services and I believe have sold off the debt. I owe about 6k there. I have just sent a validation request to UAS. I have also just disputed with the credit bureaus which may work because the referrenced phone/address they give to the agencies is the orignal MRU office which they no longer occupy (I'm assuming the ongoing data feed is from somewhere else). I guess I'm just wondering here what others experience is with these guys in a default situation.
I should note that live in Texas where wage garnishment is not possible and contracts are generally not valid after 4yrs.